Equities in Canada’s largest market opened lower on Monday, weighed by energy stocks after oil prices tumbled on concerns over demand from major consumer China.
The S&P/TSX Composite Index doffed 67.79 points to open Monday at 21,938.15.
The Canadian dollar plunged 0.44 cents to 79.65 cents U.S.
Canaccord Genuity raised the target price on BRP Inc. to $136.00 from $130.00. BRP shares dished off nine cents to $96.75.
CIBC cut the target price on Trisura Group to $50.00 from $61.00. Trisura slid 12 cents to $32.98.
CIBC also cut the target price on Victoria Gold to $23.00 from $24.00. Victoria shares lost $1.04, or 6.1%, to $16.11.
ON BAYSTREET
The TSX Venture Exchange inched up 0.78 points to 887.10.
Seven of the 12 TSX subgroups were negative in the first hour, with health-care subtracting 5.3%, or energy, down 2.3%, and materials, off 1.8%.
The five gainers were led by information technology, surging 2.3%, utilities, up 0.7%, and industrials, ahead 0.4%.
ON WALLSTREET
The S&P 500 was steady on Monday as investors took a pause following two straight weeks of gains.
The Dow Jones Industrials unloaded 102.51 points to open Monday at 34,758.73, dragged down by losses in JPMorgan and Chevron.
The S&P 500 nicked up 2.15 points to 4,545.21.
The NASDAQ Composite recovered 64.44 points to 14,233.74.
Bank stocks ticked lower on Monday as the yield curve flattened. JPMorgan lost 1.9% and Wells Fargo fell 2.7%. Goldman Sachs and Bank of American lost 1% each.
Shares of Tesla popped more than 5% on news it wants to split its stock so it can pay a stock dividend to shareholders.
Other technology stocks like Netflix and Microsoft rose 1% each. Zoom Video rose more than 3%.
Investors continue to monitor developments in Russia’s war on Ukraine. Peace talks between the two nations are set to continue this week, with delegations from both countries traveling to Turkey on Monday.
Kremlin spokesperson Dmitry Peskov told reporters that discussions were likely to resume Tuesday.
Treasury prices gained some ground, lowering yields to 2.45% from Friday’s 2.48%. Treasury prices and yields move in opposite directions.
Oil prices tumbled $8.73 to $105.17 U.S. a barrel.
Gold prices lost $17.00 to $1,937.20 U.S. an ounce.